Yeah, I did just this today (HD7 + Focus). The apps will take awhile to populate, but yeah they'll come over just fine.

Apps bought on the PC and synced over sync right away. Ones bought OTA do not, but the license should still be there to re-download.

Update: Actually, going back to that 2nd point, my Earth Worm Jim & Need for Speed haven't showed up. When I go to the Marketplace, they have TRY or BUY. Will have to look in that. Hmmm....

Update 2: Here's the deal: if you bought the app on one phone OTA, it won't sync automatically to the 2nd phone. So you go back to Marketplace and hit "BUY". Don't panic. When it checks, it will confirm you already have a license and you can then re-download the full game/app. Phew!